Existing taxpayers will be called upon to fund $3.4 million of the additional $5.5 million, with the remainder coming from a growth in the overall tax base.
“The growth in the city’s tax base in 2013, and the resulting new taxation revenue, will contribute about $2.1 million of the proposed increase in the 2014 tax levy,” city manager Tim Commisso said in the release. – Tbnewswatch January 27, 2014
New taxation revenue was mentioned a lot by City Hall in their 2014 budget information releases. One of the larger sources of this money must be the new courthouse constructed in the south core.
Another large source of future tax growth could be a proposed $106 million Event Centre that is to be located in the north core. It would be a large source of tax growth if the project was built and owned by the private sector.
However, this project will be built and owned by the public sector with public money. The building will be owned by the taxpayers of Thunder Bay and therefore, will pay no property taxes.
Because the City of Thunder Bay will own the facility as well as Tbaytel and Thunder Bay Hydro which makes me wonder how much will the local owned utilities get paid for their services? Will local Tbaytel and TBHydro customers have to subsidize the Event Centre’s utility costs? What other Event Centre operating costs will be subsidized by the taxpayers of the city?
If the City of Thunder Bay’s Event Centre partners had to build the facility themselves, operate it themselves, pay for all utilities themselves plus pay property taxes I suspect that they would look elsewhere for a city to locate their business. Another group of suckers willing to welcome them with open wallets.
So, for $106 million in taxpayers’ cash, plus the millions in continued annual subsidy payments to its partners, the City of Thunder Bay will get what exactly? How many full time jobs? Property taxes? Any taxes at all?
The Feasibility Study? You believe the financial predictions of Feasibility Study? Why? Does the consulting firm that completed the Feasibility Study believe their own financial predictions? Hmmm…interesting question.